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That part of the project would be financed through the sale of development rights and zoning bonuses, which allow a developer to build a structure larger than normally permitted, as well as payments in lieu of taxes from developers who commit to the West Side.
The Metropolitan Transportation Authority, seeking a bigger financial stake in the sale of development rights over the West Side railyards, has asked five competing developers to submit a new round of bids.
The Spitzer administration had expected to reap as much as $900 million from the sale of development rights for the two parcels.
These included the sale of development rights to some of the 800 acres on its reservation and the construction of a gas station or a spa or inn.
The plans would be enormously expensive, and city officials are hoping to pay for it with rising property tax revenues and the sale of development rights.
It was unclear how much the sale of development rights from the park would increase building heights in neighborhoods like TriBeCa, Chelsea and Clinton opposite the park.
Similar(42)
The Australian company hopes to bring in revenue from smart cards in four ways: royalties on each card that uses its operating system, fees for developing applications software, sales of development tools so customers can write their own applications and sales of hardware such as card readers.
The Australian company expects to earn revenue from the new smart card in four ways: royalties on each card that uses its operating system; fees for developing applications software; sales of development tools, so that customers can write their own applications; and sales of hardware, such as card readers.
The Spitzer administration is proceeding with the sale of the development rights of the southern parcel.
Dr. Koppelman said sale of the development rights would prevent subdivisions and building but would still leave the island in private hands.
Mr. Hearst laughed off a suggestion that although he was negotiating the sale of the development rights to his family's 82,000-acre property, which is five times the size of Manhattan, he had been studying this classic of military strategy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com